If you have a software product, a service that can be delivered from abroad or a physical product that people don’t mind waiting for, you can do business internationally directly from your own country.
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As counts for any country: you first have to define the target group that you want to sell to. If these are businesses, then you can reach out directly through emails and targeted advertisements, e.g. on LinkedIn. If this arouses interest and gives a sufficient response rate, then you may have found an easy way to get the market’s attention.
If your target group is more diffuse, or is a consumer group, then you have to rely more on advertising such as on Facebook or Instagram.
Even if your business is really international, it may be wise to set up local website translations and check whether your text aligns with the culture.
With regards to content, my personal experience is that if you have a successful blog topic in one language, it is likely to do well also in other languages. Don’t reinvent the wheel, just make a proper translation.
Customers who see prices and can pay in their local currency are three times more likely to deal with you. So it makes sense to offer this option.
Credit card payments typically work best up to an amount equivalent to 500 USD or EUR. If the invoicing amount is higher, there often is a different internal procedure required.
The South Korean e-commerce market is experiencing rapid growth and is projected to reach significant milestones in the coming years:
2024 Projection: $125.8 billion (KRW164.3 trillion), with a 10.2% growth rate
2028 Projection: $170.1 billion (KRW222.1 trillion), with a CAGR of 7.8% from 2024 to 2028
1. Coupang: 24.5% market share, 147.6 million users as of November 2023
2. Naver: 23.3% market share[7]
3. Gmarket: 41.4 million users as of November 2023
4. 11 Street: 44.1 million visits in November 2023
5. SSG.com
– High-speed internet infrastructure and secure online payment options
– Growing consumer trust in online shopping
– Popular categories: food delivery, fashion, and home appliances
– Events like Black Friday and Cyber Monday boosting e-commerce growth
– Increasing adoption of alternative payment solutions
– Rise in online grocery deliveries, with services like Coupang Eats expanding
– 92% of consumers reported buying food and drinks online in the past month
This overview highlights the dynamic and rapidly expanding nature of South Korea’s e-commerce market, offering significant opportunities for businesses across various sectors.
First of all you may have to pay import duties or settle VAT. There are certain thresholds for both of these charges, e.g. while importing in the EU you don’t have to pay import duties on any shipment worth less than € 150.
There may also be non-financial bariers, like certifications or approvals to be obtained. Especially for food, cosmetics or medicine this may be the case. Check this in advance, even before you invest in your marketing.
Almost every country or trade block in the world has its own detailing on the international HS-code list. With our report you strongly reduce the risk on misclassifications, delays and higher custom duties than expected.
Tell us what you want to ship and where to and we ask you all relevant questions to get to the most likely code.